When you think about the tools at our disposal to address the ecological, social and biodiversity challenges we face today, accounting might not immediately come to mind. And yet it is accounting standards, not science and not public policy, that set out how profit is calculated, which in turn drives investment decisions. What if we demanded that those standards reflect the true cost of business and its consequences?

Unless we look again at these fundamental principles, which have gone under the radar for so long, capital markets will continue to contribute to inequality, nature loss and climate change. What’s remarkable is that we already have in place everything we need for a more just and complete approach to accounting, and forward-thinking businesses are beginning to recognize that.

Jeremy Nicholls – accountant, sustainability professional, historian and activist – sets out a vision for new way of accounting, and it’s one that we can adopt immediately.

‘Accounting is the hidden architecture of our economies, and for too long it’s ignored social and environmental costs. This book provides a timely and practical framework for aligning profit with the public interest. It is an important contribution to building impact economies worldwide.’ – Elizabeth Boggs-Davidsen, CEO, GSG Impact

‘What an extraordinary book! The Accounting Paradox is an Archimedean lever that put into enough hands could move the world. Who knew? Of all the foundational elements of our societal decision-making architecture, accounting is ripe to lead us to corporate reporting that is ‘true and fair’ for all.’ – David Bonbright, Leadership Group Member, Global Partnerships, Ashoka

‘This book is the course correct we need for the twenty-first century. At its core Jeremy presents a solution that is powerful and beautiful in its simplicity: all profits must be recalculated to include unaccounted for costs to people and planet. It provides analysis of how we got here and offers much needed optimism by setting out how we can all contribute to this change.’ – Ben Carpenter, CEO, Social Value International

‘Capitalism is stuck. we know that it’s leading to unprecedented inequalities and climate change, but nothing seems to work. The Accounting Paradox is an enlightening account of the history of capitalism, coupled with extremely practical steps to get us out of the current mess. Jeremy combines his thorough research, clear diagnosis with a unique sense of humour. It is a must-read not only for accountants, but for anyone who needs a dose of realism and optimism to changing the world for better. It is the antidote we need in an increasingly bleak world. Now, I’m off to implement the solutions in the book!’ – Bonnie Chu, Managing Director, The Social Investment Consultancy

‘A thought-provoking read giving context and insight into how business has evolved to miss the mark of true value and therefore what the purpose of business should be. As a business leader that believes we should be taking ownership of our actions and impact, it’s great to read an account that shows there is a solution to be better, and the solution being one that feels like it should just be common sense and ‘true and fair’.’ – Sam Dent, CEO, House of Hackney

‘This book grapples with difficult – and, for some, contentious – concepts while offering a refreshing perspective on how accounting shapes global economics. It asks: How can accounting be adapted to treat people and the planet as stakeholders, equally deserving of accountability and equitable treatment, alongside business owners? It also delivers an engaging and entertaining history of how accounting arrived at its current state – and why.’ – Eddie Finch, Partner, Buzzacott

‘Since the birth of the modern financial world over five centuries ago, accounting has defined how we measure success and make decisions – shaping the livelihoods, economies and institutions that govern our world, and our lives. Yet it has locked us into a financial lens that excludes real costs imposed on society, biodiversity and the environment. The Accounting Paradox by Jeremy Nicholls is an important work as it exposes this reality and shows how aligning profit with real-world impacts can transform our financial systems and bring hope for sustainable development. The book calls for a rethinking and transition of these systems, embracing a future where finance serves people, society and the planet – not the other way around. A call that cannot come soon enough and that I wish we all adhere to.’ – Marcos Neto, UN Assistant Secretary-General and Director of UNDP’s Bureau for Policy and Programme Support

‘This book will be on the reading lists for my students at all levels! It shows, in a highly engaging way, how accounting has fuelled climate breakdown, inequality, and injustice and how it could be tweaked to become a force for repair. It challenges readers to see that accountants no longer do accounting, they do accountability, shaping the very foundations of our economic and social future. Both a detective story and a call to action, it invites us to imagine and build a world where accounting truly serves people and the planet.’ – Jennifer Rose, Senior Lecturer in Accounting and Finance, Alliance Manchester Business School

‘Jeremy dares to say what many in the profession avoid: accounting has helped create our economic reality, with all its damage that entrenches inequality. At a time when climate breakdown and distrust dominate headlines, this book exposes the accounting system at the heart of the problem and shows how it can be reimagined. He outlines a practical path to an accounting system that serves people and planet, building on pathways already laid out in traditions such as Islamic accounting as well as other value-based approaches to accountability. The Accounting Paradox is essential reading for anyone serious about reforming capitalism and embedding social value into decision-making.’ – Ainurul Rosli, Professor, Hult International Business School, Director Social Value Malaysia

‘At a time of rising populism and frustration with the economic system, it is critical to consider what went wrong and how we can reroute. Few would imagine accounting has so much to offer in this change. This book is a great guide and highlights the incredible opportunity hidden in plain sight.’ – Delilah Rothenberg, Co-founder and Executive Director, Predistribution Initiative (PDI)

‘This book is not just about numbers, it is about justice, fairness, and the possibility of creating an economy that values well-being as much as profit. It is also a great read with great stories. I am proud to call Jeremy a colleague, a friend, and now a great writer. I cannot recommend this book highly enough.’ – Durreen Shahnaz, Founder and CEO, Impact Investment Exchange (IIX)

‘A clever and insightful narrative, with real potential to enact change.’ – Helen Slinger, Executive Director, Accounting for Sustainability

‘I’m not an accountant but there is something for everyone in this book. It is a call to positive arms and gave me hope in a world that has started to look pretty bleak. Jeremy makes this achievable and relatively straight forward.’ – Emma Smith, Project Manager, Empowered Conversations, Age UK

‘This is a must read for anyone interested in the philosophical and practical dimensions of accounting and its role in shaping organizational and societal outcomes. The book challenges readers to reconsider assumptions that could align accounting with indigenous cultural values and long-term goals.’ – Hon. John Tamihere, CEO, Te Whānau O Waipareira

‘With rigorous methodological transparency, a detailed and practical reform agenda and explicit integration, and differentiation, from current international reform efforts, The Accounting Paradox has strong potential to influence scholarship and practice in sustainable accounting, ensuring maximum policy impact.’ – Éliane Ubalijoro CEO, CIFOR-ICRAF and Director-General, ICRAF

Introduction

Part 1: The problem: Why accounting is destroying us

• Chapter 1: Accounting – the blind spot of economics
• Chapter 2: The mess we’re in
• Chapter 3: Two futures

Part 2: The background: How we got where we are today

• Chapter 4: The foundations of accountancy – up to 17th century
• Chapter 5: Imperialism and industry – 18th and 19th centuries
• Chapter 6: Capitalism and internationalization – 20th century onwards

Part 3: The solution: A manifesto for tomorrow

• Chapter 7: True and Fair
• Chapter 8: Make the change – essential short-term and medium-term actions

Conclusion

FORMAT / ISBN / PUBLICATION DATE / RRP

Paperback / 9781788607131 / March 24, 2026 / £14.99

Hardback / 9781788607124 / March 24, 2026 / £24.99

Ebook / 9781788607155 / March 23, 2026 / £7.99

Paperback and eBook Bundle / £16.99

Jeremy Nicholls

Jeremy Nicholls has spent his career addressing inequality, arguing that one of the fundamental causes is how the accounting system calculates profit/

He became an accountant to support the Sandinistas in Nicaragua, training with PwC. He spent four years as a house parent before starting a regeneration consultancy in Liverpool and then co-founding and becoming CEO of Social Value International (SVI), a global community of social accountants with a mission to change the way the world accounts for value. He left to spend time as the assurance framework lead for the UNDP’s SDG Impact Standards, designed to support organizations seeking to maximise their contribution to sustainability before returning as an advisor.

He is an Ashoka fellow, a honorary research fellow at the University of Liverpool, a member of Accounting for Sustainability’s expert panel and ICAEWs non financial assurance committee and an ambassador for the Capitals Coalition.

He has researched and written widely in the field of impact accounting, including regular contributions to Pioneers Post.